Retail sales rose 18.3% year on year in October, after rising 21.9% in September. The result was the worst since February. As a result, there was a sharp drop in sales of cars, motorcycles and spare parts. In addition, sales of furniture, radio, television and household appliances have also declined significantly.
Meanwhile, CAGR in retail sales rose to 21.1% in October (September: +20.8%). This indicates an improvement in the trend in the retail sector.
FocusEconomics Consensus Forecast experts predict that private consumption will grow by 4.3% in 2023, which is higher than last month’s forecast. In 2024, the group predicts private consumption growth of 3.0%.